The 1.4x will work with the EF 70-200mm f/4L, but it will become a 96-280mm f/5.6 lens. This may be getting rather slow for sports, and the extender not only costs you light but slows down the autofocus. You don't have the help of IS either, though for sports IS won't really help as your shutter speeds to freeze motion will be fast enough for IS not to be much use.
A head with a decent quick release could easily cost you US$80 - I think you'd struggle to get a quality monopod and QR head for US$80. To me at least, cheap doesn't make sense - I believe it's better to buy once and buy right. Upgraded lenses can be sold for a fair price if they've been looked after. Upgraded heads and the like are likely to lose a fair chunk of what you paid for them when sold second hand.
If you want something more than a Manfrotto tilt head on your monopod (which is really only useful for tilting over to shoot portrait), a popular choice for monopod use is a Manfrotto 488RC2. The 488RC2 is preferred on the basis that whilst a monopod doesn't need the panning base, it's useful to have on a tripod, so the 488RC2 makes an excellent head to redeploy to a tripod in the future. The 486RC2, without the panning base, isn't that much cheaper.
Maybe you're better off putting whatever money you have available into the support side of things (tripod / monopod / head) now, including possibly getting a collar for your 70-200mm f/4L. The collar on my 70-200mm f/2.8L IS is excellent and the camera handles much better when supported via the lens collar.
There's items I've got now that I don't foresee replacing for a very long time - my two L zooms (EF 24-70mm f/2.8L, EF 70-200mm f/2.8L IS), Gitzo G2220 Explorer tripod and Gitzo G1275M head fitted with a Manfrotto RC2 adapter.
The head I'm using indicates the importance of thinking about what you want. I went for a Gitzo offset ball head as I wanted to make full use of the flexibility of the Explorer legs. I've already used had the tripod in situations where a conventional ball head couldn't have got the camera 'right way up'.
However, Gitzo's QR system is expensive and lacks the flexibility of Arca Swiss. The expense of Arca Swiss also didn't make sense, as I'm neither shooting specialist macro lenses nor long telephoto - which I believe are the two areas where A-S really shines. Manfrotto RC2 QR seemed an excellent compromise, though I am considering buying 200PLARCH-14 plates with their anti-twist feature.
The monopod I have is a Cullmann cheapie, which has a Manfrotto 234RC on it (the tilt only RC2 head). I would like to replace the monopod in the future - it's fine for a digital compact, which is all it was bought for, but doesn't hold a 20D with the grip and an EF 70-200mm f/2.8L IS that well! Given the choice, I'd far rather use my tripod than my monopod, not least as the monopod with its fiddly leg locks takes so long to deploy and lock off securely. The tripod goes over the back of my electric wheelchair in a Gitzo GE12P bag, so it's easier for me to cart a tripod around than it is for most. That said, there's times, such as sports, where a monopod is the best choice.
I'll probably replace the cheap protective filters I have on the L zooms. As I tend to leave the filters on, I'd rather have quality multicoated UV filters on the lenses. Unfortunately I couldn't get quality filters easily when I bought the two lenses, so the cheap 1B filters I'm using now (which I think are single coated) had to do. I'm slightly annoyed at myself here, as I paid about half the cost of B+W MRC filters for the two filters I have. Maybe I'll put the 1Bs on eBay if I retire them, maybe I'll keep them for those times when I feel filter damage is most likely, such as in the vicinity of sand.
I'm undecided about a 1.4x Extender. Is it the right thing for me, or would I be better continuing to save for something like an EF 100-400mm f/4.5-5.6L IS? This is probably a moot point, though, as the extender is about a quarter the price of the 100-400, and is much more portable. I probably will land up with an extender.
However, I'd be particularly wary of what you're considering, with your main stated aim being sports use - a f/5.6 maximum aperture with slower AF sounds all wrong to me. Maybe people with sports experience can give you some pointers as to what to do.
David